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Wednesday, 25 December 13
SHIPPING : AS FAR AS THIS CYCLE IS CONCERNED, 'WE HAVE SEEN THE WORST....!' - JOHN N. COTZIAS
 In a week’s time the year comes to an end. Having been a speaker in two seminars over the past 5 days I was able to see the year ending trends and some very interesting points and findings that stood out which I would like to share with you. In the first half of 2013 the Dry Cargo freight markets, found Capes earning much less than all other dry bulk size segments. This was rectified after June and today the rates are currently more or less back in line with the respective carrying capacity and we hope that the momentum will feed through to 2014.
On the SnP front, activity was superb. We had more than 1,500 deals concluded so far in the year. The total USD outlay, from sales of which details are disclosed, is slightly more than $ 21bn. The respective figures for 2012 are 1,200 deals and $14bn outlay. Compared to 2012, S&P activity on average was up by 26-27% on just about every month. Dry Bulk vessels prices have increased significantly over the past 12 months. The most notable increase was noted in a 5 yr old Panamax that has shot up by more than 50%. Last year, you could buy a 5 yr old Panamax with $ 17-18m. Today with the same money you are just about purchasing a 10 yr old Panamax!!! Rising price didn’t deter investors from acquiring vessels. To the contrary we can say. The fact that conventional financing was practically scarce meant that a very important chunk of SnP deals was mostly financed by “own pockets” and/or alternative sources of finance.
Additionally, trust in the banking system was shaken this year. The fearful and sad scenario of thousands realizing that their bank deposits could suffer a tremendous haircut over-a-weekend, as it happened in Cyprus, made many shipowners and others turn into a what appeared as a much safer investment ; Shipping.
On the Newbuilding sector, we had many new orders, with more than 870 bulkers, 527 Tankers, 161 Gas Carriers and 243 Containers being contracted during this year so far. The majority of these contracts have gone to Chinese builders, whose share of orders this year amounts to more than Korea’s and Japan’s shares added up together. Non-availability of slots has taken off a lot of pressure from major shipbuilders to further reduce their prices and from a point onwards they actually started to charge a premium for earlier slots. However, if we still look back, current newbuilding prices are still on the low side.
Demolition stats show that more than 50m tons of DWT carrying capacity was taken from the world active fleet, compared to more than 60m tons in 2012. Nevertheless, last year was a record year and therefore difficult to match, therefore the fact that this year’s figure stands at these levels is still very significant. India appears to have been the leading demo country in both number of ships and dwt scrapped there, while China comes second in number of ships and 3rd in dwt. Demo prices hold firm, with the average since 2009 standing above $400 per ldt, always supported by the strong demand for steel. It goes without saying that the increased demolition activity we have seen over the past 4 years, tremendously helps alleviate the pressure of new tonnage entering the active fleet.
In general, we consider 2013 to be a year of momentum, with a lot of investment opportunities being “grabbed” by a number of players in the market. We are of the strong belief and share the opinion of many shipping professionals that, as far as this cycle is concerned, “we have seen the worst… !”
Happy New Year to All, full of health, joy, happiness and successful shipping deals!
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Friday, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
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- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- PTC India Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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